Will the naira weaken further against the US dollar at the official FX market before 31 August?

Outcome: NO

How this forecast is settled

Will the official naira-to-dollar rate move higher at least once before August 31? Despite the recent strengthening trend, the market remains volatile enough

Resolution

No, it did not happen.The Nigerian Naira strengthened rather than weakened against the US dollar at the official market (NFEM) leading up to August 31, 2026. The Naira ended the month on a positive note, appreciating to ₦1,332.94/$1 on August 31, 2026, up from ₦1,337.29/$1 recorded the previous Friday. Backed by rising external reserves which reached $53.8 billion, the currency gained roughly 1.5% in the official market throughout the month of August.

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